Technical Analysis for XRPUSD for 20th June 2022
Ripple Adds 5%, XRP in Range Below $0.35
Past Performance of XRP
There are fundamental factors to support XRP prices in the medium term. However, the coin is under pressure like the rest of the crypto market. XRP prices are within a breakout pattern, following losses below the bear flag. Although there is a print higher from 2022 lows at $0.28, bears still have a chance and could force the coin lower. XRP is currently up six percent versus the USDT on the previous trading day.
Ripple Technical Analysis
XRP prices are under pressure, and the bear trend is defined as per the formation in the daily chart. Going forward, risk-averse traders can wait for a conclusive, high volume recovery above $0.35 before loading the dips, targeting $0.37 and $0.40 as prices bottom up. Conversely, a break below $0.28 and last week's lows may force XRP lower in a bear continuation pattern confirming losses of May 11 and June 11.
What to Expect from XRP
Sellers are dominant despite the pullback at press time. XRP prices are consolidating within a $0.07 trade range with caps at $0.35 to the upside and $0.28 on the lower end. A breakout below $0.28 confirms sellers and may mark the beginning of another flashing leg down.
Resistance level to watch: $0.35
Support level to watch: $0.28
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.